Yeah, just like the second and third gen SE. Newest chipset on an old body, when that design and that production line is already paid off. The current iPhone mini is a premium smartphone, not an old design.
I could buy the idea of a 500$ SE with the mini body with a lot of tradeoffs: LCD instead of OLED, one camera, and other changes that lower the production cost. But you cannot sell the same iPhone Apple is selling at 700$/800€ for the SE price. At least not with the Apple view of profit margins. The iPhone 13 mini is as premium as the regular iPhone 13. You cannot sell those at the SE price point, because the idea of the SE is an old, almost obsolete design, renewed with the latest internals.